Lattice Semiconductor Reports Fourth Quarter and Full Year 2016 Results

(1) During the first quarter of fiscal 2016, we realigned our end market categories to group Computing with Communications rather than with Industrial, as had been the previous grouping. Prior periods have been reclassified to match current period presentation.

 

Lattice Semiconductor Corporation

- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -

(in thousands, except per share data)

(unaudited)

                       
Three Months Ended Year Ended
December 31, 2016   October 1, 2016   January 2, 2016 December 31, 2016   January 2, 2016
 
GAAP Revenue $ 118,108 $ 113,225 $ 101,194 $ 427,054 $ 405,966
Fair value adjustment to deferred revenue from purchase accounting     96       5,187  
Non-GAAP Revenue $ 118,108 $ 113,225 $ 101,290 $ 427,054 $ 411,153
 
 
GAAP Gross margin $ 63,480 $ 67,424 $ 54,102 $ 246,434 $ 219,909
Fair value adjustment to deferred revenue from purchase accounting 96 3,691
Inventory step-up expense 716 523 6,078
Stock-based compensation - gross margin 232   231   372   888     1,416  
Non-GAAP Gross margin $ 63,712 $ 67,655 $ 55,286 $ 247,845 $ 231,094
 
 
GAAP Gross margin % 53.7 % 59.5 % 53.5 % 57.7 % 54.2 %
Cumulative effect of non-GAAP Gross Margin adjustments 0.2 % 0.3 % 1.1 % 0.3 % 2.0 %
Non-GAAP Gross margin % 53.9 % 59.8 % 54.6 % 58.0 % 56.2 %
 
 
GAAP Operating expenses $ 64,438 $ 73,434 $ 90,550 $ 273,133 $ 327,141
Amortization of acquired intangible assets (8,283 ) (8,260 ) (8,756 ) (33,575 ) (29,580 )
Restructuring charges (951 ) (317 ) (3,459 ) (9,267 ) (19,239 )
Acquisition related charges (1) (6,211 ) (372 ) (6,305 ) (22,450 )
Impairment of goodwill and intangible assets (7,866 ) (21,655 ) (7,866 ) (21,655 )
Stock-based compensation - operations (3,874 ) (4,078 ) (4,416 ) (15,325 )   (15,934 )
Non-GAAP Operating expenses $ 45,119 $ 52,913 $ 51,892 $ 200,795 $ 218,283
 
(1) Includes stock-based compensation and severance costs related to change in control.
 
 
Lattice Semiconductor Corporation
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -
(in thousands, except per share data)
(unaudited)
               
Three Months Ended Year Ended
December 31, 2016 October 1, 2016 January 2, 2016 December 31, 2016 January 2, 2016
 
GAAP Loss from operations $ (958 ) $ (6,010 ) $ (36,448 ) $ (26,699 ) $ (107,232 )
Fair value adjustment to deferred revenue from purchase accounting 96 3,691
Inventory step-up expense 716 523 6,078
Stock-based compensation - gross margin 232 231 372 888 1,416
Amortization of acquired intangible assets 8,283 8,260 8,756 33,575 29,580
Restructuring charges 951 317 3,459 9,267 19,239
Acquisition related charges (1) 6,211 372 6,305 22,450
Impairment of goodwill and intangible assets 7,866 21,655 7,866 21,655
Stock-based compensation - operations 3,874   4,078   4,416   15,325     15,934  
Non-GAAP Income from operations $ 18,593 $ 14,742 $ 3,394 $ 47,050 $ 12,811
 
 
GAAP Loss from operations % (0.8 )% (5.3 )% (36.0 )% (6.3 )% (26.4 )%
Cumulative effect of non-GAAP Gross Margin and Operating adjustments 16.5 % 18.3 % 39.4 % 17.3 % 29.5 %
Non-GAAP Income from operations % 15.7 % 13.0 % 3.4 % 11.0 % 3.1 %
 
 
GAAP Income tax expense $ 2,507 $ 971 $ 3,510 $ 9,917 $ 32,540
Estimated tax effect of non-GAAP adjustments (2) (438 ) 2,389   (1,089 )     (21,030 )
Non-GAAP Income tax expense $ 2,069 $ 3,360 $ 2,421 $ 9,917 $ 11,510
 
(1) Includes stock-based compensation and severance costs related to change in control.
(2) During the second quarter of fiscal 2016, we refined our calculation of non-GAAP tax expense by applying our tax
provision model to year-to-date and projected income after adjusting for non-GAAP items. The difference between
calculated values for GAAP and non-GAAP tax expense has been included as the “Estimated tax effect of
non-GAAP adjustments.” Prior periods have been similarly recalculated to conform to the current presentation.
 
 
Lattice Semiconductor Corporation
- Reconciliation of U.S. GAAP to Non-GAAP Financial Measures -
(in thousands, except per share data)
(unaudited)
               
Three Months Ended Year Ended
December 31, 2016 October 1, 2016 January 2, 2016 December 31, 2016 January 2, 2016
 
GAAP Net loss $ (8,164 ) $ (12,414 ) $ (45,454 ) $ (54,099 ) $ (159,233 )
Fair value adjustment to deferred revenue from purchase accounting 96 3,691
Inventory step-up expense 716 523 6,078
Stock-based compensation - gross margin 232 231 372 888 1,416
Amortization of acquired intangible assets 8,283 8,260 8,756 33,575 29,580
Restructuring charges 951 317 3,459 9,267 19,239
Acquisition related charges (1) 6,211 372 6,305 22,450
Impairment of goodwill and intangible assets 7,866 21,655 7,866 21,655
Stock-based compensation - operations 3,874 4,078 4,416 15,325 15,934
Gain on sale of Qterics (2,646 )
Estimated tax effect of non-GAAP adjustments (2) 438   (2,389 ) 1,089       21,030  
Non-GAAP Net income (loss) $ 11,825 $ 5,949 $ (4,523 ) $ 17,004 $ (18,160 )
 
 
GAAP Net loss per share - basic and diluted $ (0.07 ) $ (0.10 ) $ (0.38 ) $ (0.45 ) $ (1.36 )
Cumulative effect of Non-GAAP adjustments 0.17   0.15   0.34   0.59   1.21  
Non-GAAP Net income (loss) per share - basic and diluted $ 0.10 $ 0.05 $ (0.04 ) $ 0.14 $ (0.15 )
 
 
Shares used in per share calculations:
Basic 121,236 120,584 118,095 119,994 117,387
Diluted - GAAP (3) 121,236 120,584 118,095 119,994 117,387
Diluted - Non-GAAP (3) 123,621 122,236 118,095 121,957 117,387
 
(1) Includes stock-based compensation and severance costs related to change in control.
(2) During the second quarter of fiscal 2016, we refined our calculation of non-GAAP tax expense by applying our tax
provision model to year-to-date and projected income after adjusting for non-GAAP items. The difference between
calculated values for GAAP and non-GAAP tax expense has been included as the “Estimated tax effect of
non-GAAP adjustments.” Prior periods have been similarly recalculated to conform to the current presentation.
(3) Diluted shares are calculated using the GAAP treasury stock method. In a loss position, diluted shares equal basic shares.
 

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